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Inflación y finanzas públicas

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  • Leonardo Villar Gómez

Abstract

El propósito de este artículo es mostrar que, en contra de lo que muchos analistas preveían hace pocos años, las finanzas públicas en Colombia han obtenido un beneficio significativo del proceso reciente de reducción de la inflación. El menor ritmo de crecimiento de los precios ha estimulado la demanda por saldos monetarios reales y ha aumentado por esa vía el señoreaje total generado por el Banco de la República. Por esa razón, la magnitud del señoreaje se mantiene en niveles relativamente altos, pese a drástica contracción en los encajes requeridos al sistema financiero que tuvo lugar desde mediados de la década de los noventa y a la consiguiente reducción en esta fuente de señoreaje. Por su parte, los cambios en la utilización del señoreaje han permitido que la porción que beneficia directamente al gobierno –el señoreaje fiscal- aumente de manera notoria en el período reciente. Este beneficio fiscal, sin embargo, puede verse afectado negativamente en la medida en que una porción mayor del señoreaje total se destine a la compra de divisas para acumulación de reservas internacionales. Finalmente, el artículo cuantifica el beneficio que ha tenido la caída de la inflación sobre las necesidades de financiamiento del gobierno y la magnitud del déficit fiscal, a través del impacto de menores tasas nominales de interés.

Suggested Citation

  • Leonardo Villar Gómez, 2004. "Inflación y finanzas públicas," Borradores de Economia 291, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:291
    DOI: 10.32468/be.291
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    References listed on IDEAS

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    1. Martha López P., 2001. "Seigniorage and the welfare cost of inflation in Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 19(39), pages 115-131, June.
    2. Natalia Salazar F., 1992. "El efecto Tanzi, la sustitución de monedas y la tasa de inflación óptima en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 11(22), pages 83-108, December.
    3. Hernando Zuleta G., 1995. "Impuesto Inflacionario Y Señoreaje," Borradores de Economia 2819, Banco de la Republica.
    4. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-856, July-Aug..
    5. Easterly, William R & Mauro, Paolo & Schmidt-Hebbel, Klaus, 1995. "Money Demand and Seigniorage-Maximizing Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(2), pages 583-603, May.
    6. Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568.
    7. Carlos Esteban Posada, 2000. "Señoraje, Impuesto Inflacionario y Utilidades (Brutas) del Emisor: Definiciones y Medidas del Caso Colombiano Reciente," Borradores de Economia 3492, Banco de la Republica.
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    Cited by:

    1. Mauricio Cárdenas & Roberto Junguito B. & Mónica Pachón B., 2006. "Political Institutions and Policy Outcomes in Colombia : the Effects of the 1991 Constitution," Coyuntura Económica, Fedesarrollo, June.
    2. Diego Restrepo-Tobón & Jim Sánchez-González, 2021. "Measuring profit efficiency of Colombian banks: a composite non-standard profit function approach," International Journal of Productivity and Quality Management, Inderscience Enterprises Ltd, vol. 33(2), pages 234-252.
    3. Carolina Ortega Londono & Diego Restrepo, 2018. "Transmission of Monetary Policy and Bank Heterogeneity in Colombia," Documentos de Trabajo de Valor Público 16987, Universidad EAFIT.
    4. Dairo Estrada & Angela González Arbeláez & Javier Gutierréz Rueda, 2008. "The Effects of Diversification on Banks´ Expected Returns," Borradores de Economia 4991, Banco de la Republica.
    5. Javier E. Pirateque & José H. Piñeros & Linda Mondragón, 2013. "Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA," Borradores de Economia 798, Banco de la Republica de Colombia.
    6. Jorge David Quinteo Otero & William Orlando Prieto Bustos & Fernando Barrios Aguirre & Laura Elena Leviller Guardo, 2008. "Determinantes de la eficiencia técnica en las empresas colombianas, 2001-2004," Revista Semestre Económico, Universidad de Medellín, November.
    7. Sergio Clavijo Vergara, 2004. "Requisitos Para La Estabilidad Fiscal: Un Balance Y La Agenda," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 22(46-1), pages 146-185, December.
    8. Carlos Andrés Amaya, 2005. "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," Borradores de Economia 352, Banco de la Republica de Colombia.
    9. Eduardo Wiesner, 2008. "The Political Economy of Macroeconomic Policy Reform in Latin America," Books, Edward Elgar Publishing, number 12913.
    10. Carolina Ortega Londono, 2018. "Transmission of Monetary Policy and Bank Heterogeneity in Colombia," Documentos de Trabajo de Valor Público 16792, Universidad EAFIT.
    11. Carlos Andrés Amaya G., 2005. "Interest Rate Setting And The Colombian Monetary Transmission Mechanism," Borradores de Economia 2910, Banco de la Republica.

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    More about this item

    Keywords

    Finanzas públicas; Inflación; Impuesto inflacionario; Señoreaje.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue

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